For decades, global classical fashion houses have been synonymous with timeless elegance and impeccable quality. But in an age of fast fashion and hyper-connected Gen Z consumers, even the most storied brands need to adapt to stay relevant. Here's how these iconic brands are transforming themselves across product, retail, and communication strategies

Product transformation, breathing new life into classics

Gone are the days of rigidly traditional collections. Brands are reimagining their classics for a modern audience. "Luxury is no longer just about quality and craftsmanship," says Luca Solca, luxury goods analyst at Bernstein. Brands are infusing their collections with contemporary streetwear influences. Burberry, for instance, under creative director Riccardo Tisci, has introduced logo tees and sneakers alongside its signature trench coats. Their recent collection with streetwear giant Supreme broke the internet, showcasing iconic Burberry prints on hoodies and puffer jackets.

Similarly, Gucci has embraced gender-fluidity, with its flamboyant suits and androgynous silhouettes resonating with young fashion enthusiasts. Ralph Lauren is another example. CEO Patrice Louvet acknowledges the need for a modern update while preserving the brand's heritage. They've introduced a ‘Polo Ralph Lauren’ line featuring relaxed silhouettes and vintage-inspired pieces, resonating with a younger customer seeking a blend of comfort and timeless style. Similarly, Chanel reinterpreted its signature quilted handbags with bolder colors and funkier embellishments, appealing to a younger clientele who appreciate the brand's legacy with a modern twist.

Retail all about experiences over transactions

Luxury is no longer confined to physical boutiques. Brands are creating seamless online experiences that complement their brick-and-mortar presence. In fact, the rise of e-commerce has forced a rethink of brick-and-mortar stores. Luxury brands are transforming them into immersive experiences. Gucci has been at the forefront of this shift. Their Gucci App allows virtual try-on and exclusive content, blurring the lines between physical and digital shopping.

Chanel has opened interactive museums showcasing its history, while Dior has introduced cafes within its stores, blurring the lines between shopping and socializing. "We are creating destinations, not just stores," says Marie Claire Daveu, chief sustainability officer and head of communications at Kering. Prada, known for its opulent flagship stores, launched a user-friendly e-commerce platform featuring interactive features like 360-degree product views. This caters to a generation comfortable with online shopping and allows them to explore the brand on their terms.

Partnering influencers to make inroads

At the same time, brands are entering the world of social commerce. Gucci partnered TikTok, allowing users to purchase directly through the platform, blurring the lines between browsing and buying. Luxury brands are no longer above leveraging the power of social media. Prada, teamed up with Charli D'Amelio, the queen of TikTok, for a campaign that went viral. "We need to speak the language of Gen Z, and that language is digital-first," says Armando Branchini, CEO of Yoox Net-a-Porter.

Burberry too, is prioritizing social media engagement. Their partnership with TikTok star Khaby Lame on a recent ad campaign exemplifies their understanding of the power of influencer marketing in reaching younger audiences. Chief Marketing Officer John Dolph emphasizes the importance of "meeting customers where they are," a strategy that translates well to platforms like TikTok and Instagram.

Similarly, Valentino, has upped its social media presence with engaging content featuring diverse models and influencers. This resonates with Gen Z, who value authenticity and social consciousness. Additionally, brands are also collaborating with Gen Z celebrities and partnering gaming platforms to reach this digitally native generation on their turf.

Indeed, the road to staying relevant for a generation known for its disruptor spirit is not without challenges. However, by embracing innovation while staying true to their heritage, classic fashion brands are proving that timeless style can co-exist with the ever-evolving trendscape. This fusion is not just about attracting new customers it's about ensuring that the rich history and craftsmanship of these iconic names are passed on to the next generation of fashion enthusiasts.